RE:RE:RE:RE:Inventories Like I said, perhaps futures traders look at all the available data.
"The July imports of crude into China were the weakest in two years. Crude arrivals rebounded in August, but they were still 7% lower than in August 2023."
"In July, China's combined throughput -- which includes state-run refineries and mega private plants -- reached 10.23 million b/d with an 83% utilization rate, lower than the 10.41 million b/d needed to run at 85.6% capacity a year ago, data collected by Commodity Insights showed."
China stored massive volumes of crude oil in August on soft prices
A lot of that imported oil went into storage and refining throughputs are down. Once their storage is full then what?
The good news is that SPR refills should be coming in a lot cheaper than $79. If you were rooting for cheap SPR refills that is.
SPR refills should insure that oil pricing doesn't drop into the basement and when and if China stimulas takes hold, oil should rebound nicely.
Longterm for CJ all good. Collect the div and relax
GLTA